Marine insurance is of two types, namely Marine Hull insurance and Marine Cargo insurance. While the former deals with the vessels and ships etc., the latter deals in the transit risks of goods or cargo. Therefore various nomenclatures are used for Marine insurance such as Cargo insurance, Transit insurance etc. Many times mode of transit is also used to describe the transit insurance such as Air transit insurance, Air cargo insurance, Air marine insurance, Sea transit insurance of cargo is very common.
Almost all the General Insurance companies provide cover for transit insurance. At times, these companies pre-fix their own name with the product such as Bajaj Allianz transit insurance, Tata-AIG marine insurance policy etc.

Coverage

  • Institute Cargo Clause - ICC (A): Covers loss of or damage to goods due to
    • Fire or explosion
    • Derailment of shipping vehicle on road.
    • Vessel being stranded, grounded, capsized or sunk.
    • Overturning or derailment of land conveyance.
    • Collision or contact of vessel craft with external object (other than water).
    • Discharge of cargo at the distress port.
    • Earthquake, volcanic eruption or lightning.
    • Theft, piracy.
    • Pilferage.
    • Non-delivery.
    • Rough handling.
    • General average.
    • Jettison - intentional throwing overboard of part of the cargo or some piece of the ship in order to save the ship or the cargo.
    • Entry sea, river or lake water into the vessel.
    • Total loss of package lost overboard or dropped whilst loading or unloading from vessel.
  • Institute Cargo Clause - ICC (B): Covers loss of or damage to goods due to
    • Fire or explosion.
    • Derailment of shipping vehicle on road.
    • Vessel being stranded, grounded, capsized or sunk.
    • Overturning or derailment of land conveyance.
    • Collision or contact of vessel craft with external object (other than water).
    • Discharge of cargo at the distress port.
    • General average.
    • Jettison - intentional throwing overboard of part of the cargo or some piece of the ship in order to save the ship or the cargo.
    • Entry sea, river or lake water into the vessel.
    • Total loss of package lost overboard or dropped whilst loading or unloading from vessel.
  • Institute Cargo Clause - ICC (C): Covers loss of or damage to goods due to:
    • Fire or explosion.
    • Derailment of shipping vehicle on road.
    • Vessel being stranded, grounded, capsized or sunk.
    • Overturning or derailment of land conveyance.
    • Collision or contact of vessel craft with external object (other than water).
    • Discharge of cargo at the distress port.
    • General average
    • Jettison - intentional throwing overboard of part of the cargo or some piece of the ship in order to save the ship or the cargo.